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EDELMAN INTELLIGENCE
Experian Holiday Shopping Survey
November 2016
2 © Copyright 2016 Daniel J Edelman Inc.
WHO HOW MANY ACCURACY WHEN HOW
Adults (18+) nationwide n=1,040
Margin of Error =
± 3.1%
Data Collection Occurred
October 5-12, 2016
Online Survey
Research Methodology
NOTE: THROUGHOUT THIS REPORT, TOTALS MAY NOT ADD TO 100% DUE TO ROUNDING
3 © Copyright 2016 Daniel J Edelman Inc.
Key Findings
Most consumers feel stressed about their finances during the holiday season, and nearly a quarter would risk identity theft to get a good deal
While the vast majority of shoppers have incurred unexpected holiday expenses in the past, most still do not budget for them
The average dollar amount spent on unexpected holiday expenses is $288, which has put nearly a third of consumers into credit card debt
Unexpected gifts (like hostess gifts or gifts for people that shoppers did not plan to see) are the most common and frustrating extra holiday expenses
HOLIDAY SHOPPING EMOTIONS
5 © Copyright 2016 Daniel J Edelman Inc.
Shoppers are especially excited about this upcoming holiday season, but many also feel stressed, overwhelmed or anxious
Q: When you think about holiday shopping, which of the following emotions do you feel? [MULTI-SELECT]
Holiday Shopping Emotions
Thoughtful
Excited
Joyful
Generous
Grateful
39%
38%
35%
35%
25%
48%
46%
44%
41%
31%
2016 2015
+9
+8
+9
+6
+6
6 © Copyright 2016 Daniel J Edelman Inc.
Q: To what extent do you agree or disagree with each of the following statements?Q: Which, if any, of the following best describes why holiday shopping can be financially stressful for you personally? (Asked if stressed about finances / strain on finances, 2015 n=666, 2016 n=658) [MULTI-SELECT]
More than half of shoppers are worried about the impact of the holidays on their finances, especially whether they have extra money to buy gifts
Financial Stress of Holiday Shopping(Shown among those who feel stressed or feel a strain on their finances)
No extra money to buy gifts
Difficult staying in budget
Don't want to add to my debt
No credit to buy gifts
35%38% 38%
11%
43%40% 39%
11%
2015 2016+856%
Say holiday shopping puts a strain on their
finances
55%Feel stressed about their
finances during the holiday
season
7 © Copyright 2016 Daniel J Edelman Inc.
Many consumers feel they spend too much during the holiday season, sometimes to the point of not being able to enjoy them
Q: To what extent do you agree or disagree with each of the following statements?
The extra expense of the holidays makes them hard to enjoy
I feel obligated to spend more than I can afford when buying holiday gifts
I spend too much during the holiday season
43%
44%
56%
Feelings Towards Spending(Shown: % Agree)
18-34: 57%Parents: 53%HHI <$50K: 47%HHI <$50K: 51%18-34: 48%Women: 47%
Parents: 69%35-54: 65%18-34: 62%
HOLIDAY SHOPPING BUDGETS & SPENDING
9 © Copyright 2016 Daniel J Edelman Inc.
Anticipated holiday spending has dipped from 2015 levels, but many will still need to charge their holiday spending to a credit card
Q: Approximately, how much do you plan to spend on holiday gifts this season?Q: Approximately what percent of that holiday shopping budget do you…
$758 $806 $734
Anticipated Holiday Spending(Shown: Mean USD Amount)
HHI <$50K $417HHI $50-$99K $849
HHI $100K+ $1,183
Parents $1,059No Children $513
Men $898Women $593
Percent Saved vs. Charged(Shown: Mean % of Budget)
47%
31%
22%
Have already savedWill save in coming monthsWill charge to credit card
10 © Copyright 2016 Daniel J Edelman Inc.
55%
47% 46%
18% 17%
9%6%
After cash, credit cards will be the most common form of payment for holiday purchases
Q: How do you plan to pay for your holiday gifts this year?
Shopping Payment MethodMost Likely to Use
Major Credit Cards:
-HHI $100K+ (67%) -Men (55%)
Most Likely to Use Store Credit
Cards: -18-34 (25%) -Parents (24%)
11 © Copyright 2016 Daniel J Edelman Inc.
Most consumers identify with the “Sensible Frosty,” but many admit they will spend whatever it takes to have an enjoyable holiday season
Q: Which of the following best describes your own personal approach to holiday spending?
17%
19%
44%
20%
GRINCH– 17%I spend the bare minimum
and skip parties and presents whenever possible
More likely to be:• Less affluent, HHI <$50K
(26%)• Ages 55+ (24%)• Those without kids (22%)SENSIBLE FROSTY –
44%I start with a budget, but
sometimes spend on unexpected things
More likely to be:• Parents (54%)• Ages 18-34 (50%) or 35-54
(48%)• HHI of $50-$99K (48%)
SANTA CLAUS – 20%I don’t budget or plan, I
spend whatever to have an enjoyable holiday season
More likely to be:• More affluent, HHI $100K+
(31%)• Ages 55+ (26%)• Men (23%) SQUEAKY ELF – 19%
I buy presents and attend parties, but I budget every
dollar and stick to that budget
More likely to be:• Ages 18-34 (24%)• HHI of $50-$99K (21%)
Holiday Budgeting Personality Types
12 © Copyright 2016 Daniel J Edelman Inc.
Q: Which, if any, of the following have you… Ever done in the past / Plan to do this holiday season?
And when asked about this specific holiday season, less than half of consumers are planning to set a budget
62%HAVE
SHOPPED WITHOUT A
BUDGET
Have Gone Holiday Shopping Without a
Budget
42%PLAN TO SET
ASIDE A BUDGET THIS
YEAR
Plan to Set Aside a Holiday Shopping Budget
this Year
18-34: 52%Parents: 48%
UNEXPECTED HOLIDAY EXPENSES
14 © Copyright 2016 Daniel J Edelman Inc.
Holiday shoppers admit that they have been hit by unexpected holiday expenses in the past, but most do not budget for them
Q: Which of the following best describes how much you spend during the holiday season?Q: Which of the following expenses have you ever had that you did not expect or plan for? [MULTI-SELECT] (Shown: % Any Selected)Q: Do you account for extra holiday expenses when making your holiday spending budget? (Asked of those who have budgeted or plan to budget for holiday shopping, n=761; Shown off total base) NOTE: TOTALS MAY NOT ADD TO 100% DUE TO ROUNDING
Incurring UnexpectedHoliday Expenses
28%
Had unexpected holiday expenses
72%BEEN HIT BY UNEXPECTED
EXPENSES35%
27%
Budget for unexpected costsDo not budget for unexpected costsDo not budget at all
39%BUDGET FOR
EXTRA HOLIDAY
EXPENSES
Budgeting for UnexpectedHoliday Expenses
Expected vs. ActualSpending
42%
10%
More than expectedExactly as expectedLess than expected
48%SPENDMORE THAN
EXPECTED Parents: 85%18-34: 83%
Parents: 60%18-34: 56%
15 © Copyright 2016 Daniel J Edelman Inc.
Unexpected holiday expenses can break the budget and even put shoppers into credit card debt
Q: How much money do you typically end up spending on extra holiday expenses? (Asked if incurred unexpected holiday expenses, n=753)Q: Have you ever spent more on the “extra holiday expenses” than gifts? (Asked if incurred unexpected holiday expenses, n=753; Shown off total base)Q: Have extra holiday expenses ever put you into credit card debt? (Asked if incurred unexpected holiday expenses, n=753; Shown off total base)
Unexpected Expenses &Credit Card Debt
28%HAVE SPENT
MORE ON EXTRA HOLIDAY
EXPENSES THAN GIFTS
31%HAVE GONE INTO DEBT
FROM EXTRA HOLIDAY
EXPENSES
Average Dollar Amount of
Extra Holiday Expenses:
$288
Spending More on the Unexpected Expenses
Parents: 44%35-54: 39%18-34: 36%
18-34: 38%Parents: 37%
HHI <$50K $168
HHI $50-$99K
$267
HHI $100K+ $602
Parents $393
No Children $200
16 © Copyright 2016 Daniel J Edelman Inc.
Unexpected gifts – like hostess gifts or gifts for people that shoppers had not planned to see – are most common and frustrating
Q: Which of the following expenses have you ever had that you did not expect or plan for? [MULTI-SELECT]Q: Which unexpected holiday expenses frustrate you the most? (Asked if incurred unexpected holiday expenses, n=753) NOTE: TOTALS MAY NOT ADD TO 100% DUE TO ROUNDING
Top Unexpected Holiday Expenses1 2 3 4 5 Other
Top 5 Most
Incurred
Unexpected gifts (31%)
Baking/ cooking supplies (26%)
Gift wrapping supplies (25%)
Greeting cards (21%)
Mailing costs for sending
gifts (21%)
• Home décor (20%)• Order delivery costs
(19%)• New holiday clothes (19%)• Travel costs (17%)• Entertainment (15%)• Party supplies (15%)• Charitable donations
(14%)• Holiday tips (13%)
Top 5 Most
Frustrating
Unexpected gifts (25%)
Order delivery
costs (12%)
Mailing costs for sending
gifts (10%)
Baking/ cooking supplies
(9%)
Travel costs (8%)
• New holiday clothes (6%)• Gift wrapping supplies
(6%)• Home décor (5%)• Entertainment (4%)• Greeting cards (4%)• Holiday tips (4%)• Charitable donations (3%)• Party supplies (2%)
HOLIDAY SHOPPING & IDENTITY
PROTECTION
18 © Copyright 2016 Daniel J Edelman Inc.
Black Friday Cyber Monday
42% 34%
15% 23%
43% 44%
Yes Unsure No
Consumers still expect to do most of their shopping at brick-and-mortar stores, but many are already planning on making Cyber Monday purchases
Q: What percentage of your holiday shopping do you anticipate doing… Q: Do you plan on doing any holiday shopping on…NOTE: TOTALS MAY NOT ADD TO 100% DUE TO ROUNDING
Anticipated Shopping Methods(Shown: Mean Percentage)
55%33%
12%
45%NET
ONLINE
Anticipated Shopping Days
19 © Copyright 2016 Daniel J Edelman Inc.
Most shoppers do not perceive a difference in their risk of identity theft in-store or online
Q: Where do you feel that your identity is most at risk this holiday season? (Asked if shopping both in-store and online, n=808)Q: Where do you feel that your identity is most at risk this holiday season? Using a credit or debit card on… (Asked if shopping on both Black Friday and Cyber Monday, n=342)NOTE: TOTALS MAY NOT ADD TO 100% DUE TO ROUNDING
16%
27%
In a retail store When online shoppingBoth equally
21%
17%
Black Friday Cyber Monday Both equally
Highest Risk of ID Theft by Shopping MethodHighest Risk of ID Theft by Shopping Day
56%BOTH EQUALLY
62%BOTH EQUALLY
20 © Copyright 2016 Daniel J Edelman Inc.
Most consumers say they are concerned about identity theft this holiday season, but nearly a quarter would take the risk for a good deal
Q: Please rate how concerned you are about identity theft this holiday season.Q: Would you risk becoming a victim of identity theft in order to get a good Cyber Monday deal?NOTE: TOTALS MAY NOT ADD TO 100% DUE TO ROUNDING
Concern about Identity Theft
31%
22%
46%
Very concerned Somewhat concerned
54%NET CONCERNED
23%WOULD RISK ID THEFT FOR A GOOD CYBER MONDAY DEAL
Risking Identity Theft for a Deal
18-34: 31%Parents: 30%Men: 26%
21 © Copyright 2016 Daniel J Edelman Inc.
Check to see if the site is secure
Log out of personal accounts after shopping
Shop only on personal internet connections / networks
Go to websites directly instead of clicking on links
Don't click on links sent in emails
Don't store payment card info on retailers' websites
Pay with a credit card dedicated to online shopping only
55%
55%
54%
53%
50%
43%
29%
Among those that plan to shop online, the most common precautions are using secure sites, logging out of accounts and using personal wi-fi
Q: Which, if any, of the following actions do you take to protect your identity when shopping online? (Asked if shopping online, n=867)
Actions Taken to Protect against Identity Theft
22 © Copyright 2016 Daniel J Edelman Inc.
40%
25%22% 20% 18% 18%
13% 11%6%
Looking ahead to 2017, consumers’ top resolutions are to save more, pay off a credit card, create a budget and pay off credit balances in full
Q: Which of the following are your 2017 New Year’s credit resolutions? [MULTI-SELECT]
2017 New Year’s Credit Resolutions
21%NET CREDIT MONITORING
APPENDIX I: DEMOGRAPHICS
24 © Copyright 2016 Daniel J Edelman Inc.
Category Subcategory Total
GenderMale 46%
Female 54%
Age
18-34 27%35-44 19%45-54 19%55-64 18%
65 or older 16%
Region
Northeast 19%Midwest 22%South 36%West 23%
Race / Ethnicity
White 71%African American 13%
Hispanic 8%Asian 4%Other 3%
Category Subcategory Total
Employment Status
Employed 62%Unemployed 4%
Retired 19%Student 4%
Homemaker 9%Other 2%
Education
High school or less 19%Some college 30%
College graduate 35%Graduate school 16%
Household Income
Less than $50,000 36%$50,000 to less than
$100,000 41%
$100,000 or more 18%Children
in Househol
d
Yes 39%
No 61%
Demographics
NOTE: Totals may not add up to 100 due to rounding
APPENDIX II: YEAR OVER YEAR
TRENDING DATA
26 © Copyright 2016 Daniel J Edelman Inc.
Trend: Feelings Toward Holiday Spending
Q: To what extent do you agree or disagree with each of the following statements?
60%52%
41%
56% 55%44%
2015 2016
Feelings Towards Spending(Shown: % Agree)
27 © Copyright 2016 Daniel J Edelman Inc.
Trend: Spending Concerns and Expected vs. Actual Spending
Q: In your opinion, what – if anything – is the worst part about holiday shopping?Q: Which of the following best describes how much you spend during the holiday season?NOTE: TOTALS MAY NOT ADD TO 100% DUE TO ROUNDING
Expected vs. Actual SpendingBiggest Holiday Shopping Concern
Crowds
Picking the right gift
Sticking to a budgetHaving cash/credit to buy
giftsPrices/Deals
Keeping gifts a secret
Risk of identity theft
27%20%
14%12%
9%4%
4%
30%
20%10%
13%
10%5%
3%
2016 2015
2015 201611% 10%
50% 42%
38% 48%
More than expectedExactly as expected
28 © Copyright 2016 Daniel J Edelman Inc.
Have Done Plan To Do This Season
62%
30%
53%
26%
62%
24%
2014 2015 2016
Trending Data: Holiday Shopping Budgeting
Q: Which, if any, of the following have you… Ever done in the past / Plan to do this holiday season?
Have Done Plan To Do This Season
54%
38%47% 43%
56%
42%
2014 2015 2016
Shop for Holiday Gifts without a Set BudgetSet Aside a Budget for Holiday Shopping
29 © Copyright 2016 Daniel J Edelman Inc.
Trending Data: Anticipated Shopping Breakout
Q: What percentage of your holiday shopping do you anticipate doing…NOTE: TOTALS MAY NOT ADD TO 100 DUE TO ROUNDING
Anticipated Shopping Breakout(Shown: Mean % of Budget)
2014 2015 201612% 9% 12%
39% 36% 33%
48% 55% 55%
In-Store Online - ComputerOnline - Mobile
30 © Copyright 2016 Daniel J Edelman Inc.
Cash Major credit card
Debit card Reward points
Store credit card
Layaway Specialized savings account
59%
48% 47%
23% 22%
2%1%
53%49%
45%
22%18%
9% 6%
55%47% 46%
18% 17%9% 6%
2014 2015 2016
Trending Data: Anticipated Shopping Payment Method
Q: How do you plan to pay for your holiday gifts this year? [MULTI-SELECT]
Shopping Payment Method
31 © Copyright 2016 Daniel J Edelman Inc.
Trending Data: Holiday Budget Saved vs. Charged
Percentage of Budget Saved vs. Charged(Shown: Mean % of Budget)
Have already saved Will save in coming months
Will charge to a credit card
52%
25% 23%
47%
31%22%
2015 2016
Q: Approximately what percent of that holiday shopping budget do you…
32 © Copyright 2016 Daniel J Edelman Inc.
Trending Data: Identity Theft
Q: Please rate how concerned you are about identity theft this holiday season.Q: Where do you feel that your identity is most at risk this holiday season? (Asked if shopping both in-store and online, 2015 n=799, 2016 n=808)NOTE: TOTALS MAY NOT ADD TO 100% DUE TO ROUNDING
2015 2016
50% 46%
22% 22%
28% 31%
Very concernedSomewhat concernedNot concerned
2015 2016
55% 56%
30% 27%
14% 16%
In a retail storeOnline shoppingBoth
Concern About Identity Theft
Risk of ID Theft by Method
33 © Copyright 2016 Daniel J Edelman Inc.
Check to see if the site is secure
Log out of personal accounts after shopping
Shop only on personal internet connections / networks
Go to websites directly instead of clicking on links
Don't click on links sent in emails
Don't store payment card info on retailers' websites
Pay with a credit card dedicated to online shopping only
61%
61%
59%
59%
54%
46%
28%
52%
51%
54%
48%
45%
35%
25%
55%
55%
54%
53%
50%
43%
29%
2016 2015 2014Protecting against Identity Theft
Trending Data: Online Data Protections
Q: Which, if any, of the following actions do you take to protect your identity when shopping online? (Asked if shopping online; 2014 n=899, 2015 n=864, 2016 n=867)
34 © Copyright 2016 Daniel J Edelman Inc.
Trending Data: New Year’s Resolutions
Q: Which of the following are your 2016 / 2017 New Year’s credit resolutions? [MULTI-SELECT]
28%25%
21%18%
14% 14%
7%
25%
20%18% 18%
13%11%
6%
2015 2016New Year’s Credit
Resolutions
35